Davenham Share Discussion Threads

[lufc5] 17/1/2011 10:40

The link below to TheBusinessDesk.com article is one that I wrote. I'm now looking into claims that some shareholders didn't receive notification of the EGM. If you were affected by this and are willing to go on the record about it, please get in touch with me - [e-mail]

[lufc5] 17/1/2011 10:00

app'3.
You didn't say who with, but all you need to do is contact your broker and tell them you want to be signed up for voting rights.
If with tdw you can do this online, I'm not sure on other brokers...you may need to phone them.


Taken from TDW website.

Not being recognised as the beneficial owner of stock has long been a problem for UK investors when holding shares electronically with a broker.

Shareholder Voting & Information is a free opt in service that enables you to receive shareholder materials and vote on decisions directly affecting your UK registered shareholdings held in your nominee account.

TD Waterhouse is the first non advisory broker to offer this service in the UK.

When there is an event, for example Voting by Proxy or Annual/semi annual reports, materials will be received electronically directly from the company which you hold shares. They will be placed into your Voting & Information mailbox which is available in your secure website. You will receive an email notification from TD Waterhouse each time there is an event. We will not attach any documents to the email for security reasons.

Please note that this is an electronic service but in some circumstances an alternative method may be used.


Your Voting & Information MailboxEach new event will be placed in your Voting & Information Mailbox and they will be listed in date order with the most recent at the top of the list. You can also sort the list by clicking on one of the column headings.

To view an event or place your vote click on the link on the 'Type of Action' column, for example 'VOTE', on the row of the company/event that you wish to view.

Note: If you click on an event in the 'Type of Action' column you will be redirected to an external website powered by Global Proxy Vote and Broadridge.

[approach3] 17/1/2011 09:10

I am in a nominee account. How do I register electronically?

[lufc5] 17/1/2011 08:34

Right what DA+GJ need is our support, and by that I don't mean putting your hands together for a round of applause.

How many guys and girls are on this bb with a holding in a nomanee account and havn't registered to vote electronically??

A MASSIVE 46% failed to even vote..........if only half of those would have voted in DA's favour...... he would have won.

If he is to call a 2nd egm I must be able to try and find people and shares willing to back him.

Looking at the % that voted for him 15.8%....it honestly looks as though only DA and myself made the effort.

[daicaprice] 17/1/2011 08:29

If only!

DC

[double6] 17/1/2011 08:27

Bidding war !!??

[jimmylufc] 17/1/2011 08:25

or Kingswood buying more ?

[double6] 17/1/2011 08:18

DA buying stock to enforce a successful vote ?

[lufc5] 16/1/2011 19:15

Thank you solarno.


Taken from TDW website.

Not being recognised as the beneficial owner of stock has long been a problem for UK investors when holding shares electronically with a broker.

Shareholder Voting & Information is a free opt in service that enables you to receive shareholder materials and vote on decisions directly affecting your UK registered shareholdings held in your nominee account.

TD Waterhouse is the first non advisory broker to offer this service in the UK.

When there is an event, for example Voting by Proxy or Annual/semi annual reports, materials will be received electronically directly from the company which you hold shares. They will be placed into your Voting & Information mailbox which is available in your secure website. You will receive an email notification from TD Waterhouse each time there is an event. We will not attach any documents to the email for security reasons.

Please note that this is an electronic service but in some circumstances an alternative method may be used.


Your Voting & Information MailboxEach new event will be placed in your Voting & Information Mailbox and they will be listed in date order with the most recent at the top of the list. You can also sort the list by clicking on one of the column headings.

To view an event or place your vote click on the link on the 'Type of Action' column, for example 'VOTE', on the row of the company/event that you wish to view.

Note: If you click on an event in the 'Type of Action' column you will be redirected to an external website powered by Global Proxy Vote and Broadridge.

[solarno lopez] 16/1/2011 08:08

LUFC just read your post. The biggest problem facing would be 'borders' today is thte simpel fact that most investors have their shares in a nominee account and brokers will not tell you about or send the documents they have received on your behalf. This tends to lead to inertia most PI's cannot be bothered in contacting their Nominee company to action the vote.

It is possible but costly that a 'border' could contact the Nominee company and get them to send directly to the beneficial owner his proposals together with a proxy and return envelope.

You can motivate shareholders but it is time consuming and costly.

Bulletin boards do play a valuable part in process

[jimmylufc] 15/1/2011 19:38

I know exactly where your coming from LUFC and makes perfect sense - just difficult to understand why Kingswood didn't run with that having bought their holding recently - must be something going on thats not yet in the public domain. Note your comment re the RNS dnfa reinforces the fact that Kingswoods purchase doesn't make sense if nothing happening

[lufc5] 15/1/2011 14:44

Jimmy.
A massive 46% failed to even vote, due to the FACT that the masses didn't know of Davids proposals. I'm trying to highlight this matter on these bb's. People hold shares in DAV and i'll bet some dinn't even know of the egm, never mind Davids proposals!
If 55%(apx 6.5-7m) of the 46%(apx 12m shares) had voted for David he would be in now!!!!
Every vote counts, and if David is aware that there is growing support for him(through these bbs) then don't be surprised if he calls a 2nd egm.
The word needs to be spread.
Remember....DA+GJ firmly believe they can turn DAV into a profitable business within 12 months!!!!!

Cheers.

[dnfa1975] 15/1/2011 14:27

Interesting note on the RNS...

"The Board of Davenham has noted the continued volatility in the Company's share price over recent days and would like to take this opportunity to reiterate that (whilst the Board remains open to reviewing any credible opportunities for a solvent reconstruction of the Group) the Board remains of the view that it is likely that there will be no value for shareholders."


GOODNIGHT MIDNIGHT

[jimmylufc] 15/1/2011 13:46

LUFC - presume you believe from your conversation with DA that he will be successful next time ?

I still believe something is going on with Kingswood - why else vote against a potential rescue as major shareholder.

[lufc5] 15/1/2011 01:32

Dead duck?
Let's just see how the game continues..............
That's all I'm prepared to say........

[grlz] 15/1/2011 00:53

LU - problem is the vote's been lost and DA hasn't by the looks of it got any further support for his proposals

DAV's franchise is basically over, its been in run-off for over a year and the decent clients have already scattered to other private finance providers, leaving only toxic defaulters on the books - even DAVs founder Colin Davenport has set up a new shop under the name Goldcrest Finance offering trade and property finance.

DA thought he could get to play CEO again drawing a decent remuneration package for a c.£15k investment - by the looks of how the vote went and the statements from the board and banking panel, nobody was very impressed with what he was offering imo

unless Kingswood have something going on behind the scenes it looks like a dead duck imho

[lufc5] 14/1/2011 11:54

THE MAN looking to take charge of beleaguered Manchester lender Davenham has argued that the loss of all value in the company's shares seems inevitable unless shareholders are prepared to remove existing directors and back his bid to salvage parts of it.

David Anthony, a former CEO of Hitachi Capital, which was once one of Davenham's major commercial lenders, has tabled the motions for the removal of Davenham's current chairman James Kerr-Muir and Group managing director Paul Burke. He is asking shareholders to appoint him as chairman and former Secure Trust Bank CEO Gary Jennison as his new CEO.

"I believe there is potential for a return to shareholders," he told TheBusinessDesk.com. "The business is salvageable - or at least part of it is."

Davenham has endured a disastrous couple of years marked by huge write-downs on its property-related loan book, which was closed to new business in October 2008. The company undertook a strategic review last year, which reported in June last year that there was likely to be no value left in its shares and recommended that its remaining loan book is wound down.

The company then began a process of winding down all of its remaining businesses. It also attempted to delist from AIM - a move that was resisted by its shareholders.

In November, Davenham reported that its outstanding loan book had been reduced to £80m but that it still owed a banking syndicate led by Royal Bank of Scotland £111m.

Anthony insists that "there is a deal to be done" either with its current banking syndicate or through a merger with another financial institution.

He is proposing a restructuring of the business which would allow for new equity investment to be brought in in a bid to retain both the asset and trade finance arms of the business.

He built a 15% stake in Davenham in September last year and approached directors to discuss a turnaround plan.

He said that despite signing non-disclosure agreements, he has been unable to access key information and therefore had no option but to requisition next week's meeting to remove the current board.

"I'm unable to gain any evidence that there is a reorganisation plan in place," he said.

In a circular sent to shareholders ahead of the meeting, the current Davenham board argued that it had already been through a strategic review process which flushed out 60 interested parties, but none of these were willing to offer anything like the sum which would be needed to repay its banking syndicate.

Moreover, the board argues that following a meeting with Mr Anthony in November, the banking syndicate made it clear that it "did not wish to see any changes to the board".

The board said that it believes that if Anthony's resolution to remove them is passed, the banking syndicate will recall its loans and the company will be placed into receivership.

It said that if Anthony's motions were passed, they would "deprive shareholders of any remaining chance of a solvent reconstruction of the group that might see some element of value for the company's shareholders".

The company also argues that it has the support of the company's largest shareholder, Kingswood Property Finance Limited Partnership, which bought ACP Capital's 29.13% stake last month.

However, Anthony argues that its banking syndicate should be willing to negotiate with potential new investors.

"Banks are pragmatic - what they want is the best possible outcome they can get."

He said there is "a big shortage of supply" in both asset and trade finance lending to SMEs, and there is a genuine opportunity to build market share using Davenham's remaining talent and infrastructure, although this will weaken the longer that the current state of affairs remains.

He said that Davenham "used to be an excellent business" when it was being run by founder Colin Davenport.

"The tragedy is what has happened since the flotation," he said.

[jimmylufc] 14/1/2011 11:06

Hi smtmh - what do you think might be happening ? Do you think Kingswood may have a client looking to buy out the good bits ?- surely Davenham would have to make an announcement if this was the case ?

[lufc5] 14/1/2011 11:04

Right what DA+GJ need is our support, and by that I don't mean putting your hands together for a round of applause.

How many guys and girls are on this bb with a holding in a nomanee account and havn't registered to vote electronically??

A MASSIVE 46% failed to even vote..........if only half of those would have voted in DA's favour...... he would have won.

If he is to call a 2nd egm I must be able to try and find people and shares willing to back him.

Looking at the % that voted for him 15.8%....it honestly looks as though only DA and myself made the effort.

PATHETIC!!!!!

[showmethemoneyhoney] 14/1/2011 08:38

Still waiting....Think it was a punt from DA. Prob thought he would be supported. IMO something going on with Kingswood with support of banks

[double6] 14/1/2011 08:26

MM's sucking em in - or is there word on the street ??

[still waiting] 13/1/2011 13:49

D.A should build his stake to nearer 30%, people would take him seriously then.

[lufc5] 13/1/2011 13:42

chad.

on 6th dec 2010 a large shareholder sold 14.9% of the company and said in his leaving letter that the company should be put into liquidation.

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Where have you got this info from?

[chad0x001] 13/1/2011 13:31

true. my mistake. i just noticed it today. still! my point was, there is nothing about this company that makes it worth buying. unless I missed something.

[crookie3634] 13/1/2011 13:29

That was two days ago